We study the spectral statistics and dynamics of a random matrix model wher
e matrix elements are taken from power-law tailed distributions. Such distr
ibutions, labeled by a parameter mu, converge on the Levy basin, giving the
matrix model the label "Levy matrix" [P. Cizeau and J. P. Bouchaud, Phys.
Rev. E 50, 1810 (1994)]. Such matrices are interesting because their proper
ties go beyond the Gaussian universality class and they model many physical
ly relevant systems such as spin glasses with dipolar or Ruderman-Kittel-Ka
suya-Yosida interactions, electronic systems with power-law decaying intera
ctions, and the spectral behavior at the metal insulator transition. Regard
ing the density of states we extend previous work to reveal the sparse matr
ix limit as mu-->0. Furthermore, we find for 2 x 2 Levy matrices that geome
trical level repulsion is not affected by the distribution's broadness. Nev
ertheless, essential singularities particular to Levy distributions for sma
ll arguments break geometrical repulsion and make it mu dependent. Level dy
namics as a function of a symmetry breaking parameter gives new insight int
o the phases found by Cizeau and Bouchaud (CB). We map the phase diagram dr
awn qualitatively by CB by using the Delta(3) statistic. Finally we compute
the conductance of each phase by using the Thouless formula, and find that
the mixed phase separating conducting and insulating phases has a unique c
haracter. [S1063-651X(99)00910-1].